Much of this article, which appeared in the Detroit Free Press June 16, 2006, is cliche/old news, but it is worth noting some of the age-old truths of home renovations, which are as follows:
- Kitchen and bath renovations are generally good ideas
- Any renovation that has any element of "personalization" is generally a bad idea
- Pools are break-even propositions at best. My personal experience is that pools are actually more of a negative than a neutral
- Everything else being equal, "neutral" trumps everything. Even when vivid colors are "in style" (and I have no idea who can really accurately assess such things), the odds of your selecting the same colors that your ultimate purchaser would have selected are small
Having said that, here's the article. Enjoy!
Be selective in home renovations
Lynne Meredith Schreiber / Special to The Detroit News
Before you renovate your home in order to reap the reward of a higher selling price, you should know that not all renovations are equal. In fact, some won't do much more than make a homeowner happy.
In a This Old House article, "Remodeling Returns," writer Carol Vogel warns sellers about the renovations that help boost sales prices and those that don't.
Kitchens and baths rank highest, said Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies at Harvard University. Of course, these rooms are often the most expensive to renovate, but they may pay for themselves in a sale.
Adding rooms are also a good bet, especially a family room or master bedroom suite.
Swimming pools rarely return their cost, and home-offices don't garner a lot of sympathy. Minor improvements like painting a kitchen or refinishing its surfaces might bring in bigger bucks than a major remodel in the wrong room.
Remember when renovating for resale that the more mainstream the look, the better the chance that others will like it, too. "You might want a room in your house in the shape of a cat or a mouse, but can you find a buyer who wants it?" said Gopal Ahluwalia, director of research at the National Association of Home Builders.
Keep renovations in line with the original style of the home. Don't price yourself out of the local market; know what other homes are worth before you renovate. And make sure improvements are in line with the value of your home.
Lastly, when housing is in great demand, buyers are more willing to shell out more cash for improvements. But it is possible to "over-renovate." Ultimately, don't renovate just for the sake of earning more money in a future sale. Do it because you want to enjoy the new look, space or style.
Lynne Meredith Schreiber / Special to The Detroit News
Before you renovate your home in order to reap the reward of a higher selling price, you should know that not all renovations are equal. In fact, some won't do much more than make a homeowner happy.
In a This Old House article, "Remodeling Returns," writer Carol Vogel warns sellers about the renovations that help boost sales prices and those that don't.
Kitchens and baths rank highest, said Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies at Harvard University. Of course, these rooms are often the most expensive to renovate, but they may pay for themselves in a sale.
Adding rooms are also a good bet, especially a family room or master bedroom suite.
Swimming pools rarely return their cost, and home-offices don't garner a lot of sympathy. Minor improvements like painting a kitchen or refinishing its surfaces might bring in bigger bucks than a major remodel in the wrong room.
Remember when renovating for resale that the more mainstream the look, the better the chance that others will like it, too. "You might want a room in your house in the shape of a cat or a mouse, but can you find a buyer who wants it?" said Gopal Ahluwalia, director of research at the National Association of Home Builders.
Keep renovations in line with the original style of the home. Don't price yourself out of the local market; know what other homes are worth before you renovate. And make sure improvements are in line with the value of your home.
Lastly, when housing is in great demand, buyers are more willing to shell out more cash for improvements. But it is possible to "over-renovate." Ultimately, don't renovate just for the sake of earning more money in a future sale. Do it because you want to enjoy the new look, space or style.
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